Explanation
BACKGROUND:
The City of Columbus currently has an excessive amount of vacant office space in our downtown market. This high vacancy rate is having a negative impact on all business activity downtown and throughout the city. S4 Consulting is currently exploring downtown Columbus as a potential site for their relocation. They anticipate relocating 10 positions downtown from Delaware, Ohio. This job creation is estimated to generate $750,000 of payroll and $15,000 annually in City income tax revenue. Based on this estimate, they would qualify for a Columbus Downtown Office Incentive of an amount equal to 50% of the payroll taxes paid or $7,500 each year for three (3) years. The Downtown Development Office recommends granting the Columbus Downtown Office Incentive Program to S4 Consulting.
FISCAL IMPACT:
No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a Columbus Downtown Office Incentive Program agreement with S4 Consulting as provided for in Columbus City Council Resolution 075X-2004 adopted March 29, 2004.
Body
WHEREAS, the City desires to increase employment opportunities and encourage the establishment of new jobs in the City in order to improve the overall economic climate of the City and its citizens; and
WHEREAS, Resolution 075X-2004, adopted March 29, 2004, authorized the Department of Development to establish the Columbus Downtown Office Incentive program; and
WHEREAS, the Department of Development has received a completed application for the Columbus Downtown Office Incentive Program from S4 Consulting; and
WHEREAS, S4 Consulting estimates that it will create 10 new jobs at 580 North Fourth Street, with a projected payroll of $750,000 generating estimated City of Columbus income tax revenue of $15,000 annually; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of th...
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